Landbank records highest-ever nine-month net income at $558m

Net income jumped 24% during the period compared to a year ago.

Land Bank of the Philippines saw its net income jump 24% to PHP31.85b (US$558m) in the first nine months of 2023, the bank said in its latest financial report.

This is reportedly the bank’s highest-ever nine-month net income in its history and exceeds Landbank’s target of PHP26.3b (US$461.5m) for the first three quarters of the year.

Landbank President and CEO Lynette Ortiz attributed the income growth to the expansion of their development loan portfolio, and “robust” yields from its loans and investments.

“We have likewise been prudent and disciplined with managing our expenses to maximize gains. We will ensure that our solid balance sheet continues to translate to substantial and meaningful support to the sectors we serve," Ortiz said.

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The bank also generated PHP91.15b ($1.59b) interest income from loans and investments, 35.9% higher than last year.

Landbank’s total assets also booked double-digit growth of 11.5% to PHP3.1t from PHP2.8t. The increase was propelled by the 12.8% year-on-year expansion of deposits to PHP2.7t.

Meanwhile, the bank’s capital likewise rose substantially by 21.9% to PHP249.2b from PHP204.4b in 2022, already exceeding the full-year target of PHP243.8b for 2023.